On May 22, Bloom Energy rose 3.99% in regular trading, trading at approximately $316.19 per share, with trading volume of $345 million. The stock continued its upward momentum following a landmark commercial agreement and a notable analyst upgrade.

The rally was driven by the disclosure that Nebius, a European AI infrastructure provider, signed a master fuel cell capacity agreement with Bloom Energy valued at up to $2.6 billion. Under the agreement, Nebius will pay monthly service fees over a 30-year term for power systems with a guaranteed capacity of approximately 250 megawatts and total installed capacity of approximately 328 megawatts. Bloom Energy will be responsible for installation, operation, and maintenance of the power systems. The capacity is expected to come online in three phases. This marks another significant breakthrough for Bloom Energy in the AI data center power supply sector following Oracle's 2.8GW order.

Adding further momentum, Daiwa Securities upgraded Bloom Energy from Hold to Outperform on May 22, raising its target price from $98 to $324. According to FactSet, the stock carries an average analyst rating of Overweight with a mean price target of $267.78.

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